Those days are gone, where organizations tend to only care about profitability in
business. Now, there is a need for them to give attention to the world around them. Companies are required to offer value to the communities in which they exist, fund projects and care for the overall wellbeing of their customers. To a large extent, this helps them in their brand awareness and general company growth, as they become recognized as being a part of making the world a better place.
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CSR simply means Corporate Social Responsibility. That is the responsibility of an organization to its social sphere of influence. The CSR
strategy, however, refers to the structured plan by companies to effectively carry out the process.
Submittable defines CSR strategy as “the comprehensive plan companies and funders use to design, execute, and analyze their corporate social responsibility initiatives”. This includes their approaches to carrying out this activity. Companies need to create a sustainable long-term plan to be able to achieve their CSR at its optimal level.
Amongst other things, CSR improves the brand image of a company, increases their
customer loyalty, enhances their ability to attract top talent and greatly increases their revenue. In order to leverage the full benefits of CSR, a company needs working strategies. Here are a few ways by which companies can create quality CSR strategies.
This could be counted as the core of this procedure. A company that is intentional about its CSR effectiveness should sync its plans with the company values. It is much easier to help others with something you already believe in or a project you are already working on. The strategy should be connected to the company’s brand, core values and operations. For instance, a publishing company should not be found offering agricultural services to rural farmers. The focus should probably be on the media, communication and the likes.
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The importance of creating an efficient feedback mechanism has been underrated by some companies. But the question is, how do you grow as a business when you don’t know what your customers and the general public care about? It’s simple, you can’t solve a problem you don’t know. A company can get inspiration from its feedback and reviews from customers, employees and the community at large. The company will get to know the pain-points of these categories of people and implement them in its CSR.
It is not news that virtually anything one wants to do has been done in the past. However, the difference is usually in the ‘how’ – what methods were explored. Your company’s CSR strategy does not necessarily have to be one vague concept or some unimaginable invention. It can be as simple as reinventing an already existing CSR strategy. Research on companies or organizations that have engaged in one peculiar CSR project or the other, and smartly copy from them. Ensure that most importantly, the strategy aligns with your own company values.
The power to creating an effective CSR strategy lies in your hands. It is left for you to recognize and mine it to deliver your desired results. You can also develop partnerships with other companies and stakeholders who have similar value systems. Most importantly, be committed to growth and the improvement of your processes over time.
Featured Image Source: SV International
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